The cancellation of a contract on Cyprus for a liquified natural gas (LNG) project has led a Chinese company seeking a reported 200 million euros ($220.31 million) in damages, far higher than the up to 35 million euros ($38.55 million) earlier reported.

The company, CPP, had the contract ended by the Natural Gas Infrastructure (ETYFA) aen on the island that’s a subsidiary of the Natural Gas Public Company (DEFA) over the Prometheus offshore LNG unit.

A report by the news site Phileleftheros said the Chinese have become aggressive in the dealings after losing the contract and that the government has found itself in a bind over how to deal with it.

https://in-cyprus.philenews.com/local/chinese-company-playing-hardball-with-cyprus-juggling-dozens-of-millions-after-lng-contract-terminated/

Sources not named told Philenews that the Chinese company is demanding the suspension of arbitration at the London International Arbitration Court, as it has failed thus far in the process, to substantiate demands and claims.

If successful, that could raise the cost to the government and give up the right to claim at least 65 million euros ($71.6 million) from the company for contractual delays in delivering the work. The company also demanded Cyprus not liquify the work implementation guarantees, estimated at 70 million euro ($77.11 million.)